Crude Oil Daily Forecast Oct 21 2014


The Crude Oil continued its  bearish momentum yesterday , printed resistance at the 83.43/84.78 levels .This development leaves the pair targeting the 79.77 levels where a cut is likely , If seen , next support would be the 77.50 levels , losing this level will turn focus on the 75.00 levels , a halt is strongly suggested , but….If 75.00 fails , further weakness towards the 73.50 levels is likely.

On the upside , resistance comes at the 83.43 levels ahead of 84.78 levels (main) , break of  this level on a daily closing basis , will put the pair in recovery mode , but recovery above the 84.78 levels should be limited by the 88.44/91.51 levels.

In all , as long as resistance  83.43/84.78 holds on a daily closing basis , outlook in Crude Oil remains on the downside towards the 79.77 levels ahead of the 77.53 levels , above the 84.78 levels , the pair faces a recovery risk towards the  88.44/91.51 levels before the next fall.


Crude Oil Daily Forecast Oct 21 2014